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Stat Of The Day
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1 Hour, 4 Minutes
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That’s how much time the average woman in her 50s spends every day on tasks that require spending money – paying bills, grocery runs, clicking "add to cart," etc.
The Pew Research Center has done a deep dive into how men and women use up the day’s minutes, everything from sleeping (men and women catch about the same amount of Z’s) to housework, an activity that at every age, women spend at least 30 minutes more a day doing than their male counterparts.
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This Week In Your Wallet
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Less ambition, more happiness? Retirement might just prove it. After health issues forced her to slow down, longtime journalist Carol Hymowitz found herself asking an unexpected question: "Was my lingering ambition bringing me fulfillment and happiness, or was I missing out on something more satisfying?" So, as Hymowitz writes for The Wall Street Journal, she started asking around. She found that for high achievers worried about what they’ll do in retirement, having a plan and stepping back gradually makes all the difference. "I’m the first to admit that it hasn’t been easy saying goodbye to the career striver I have been for more than five decades," she writes. "But I’m less and less ambitious – and I’m happier and more relaxed." And perhaps best of all? Retirement gives her time to try things she doesn’t excel at, which she was discouraged from doing while she was trying to prove
herself in her career. "Now, when I'm asked at gatherings how I'm spending my time, I say, 'I'm dancing,’" Hymowitz shares. We love that for her.
The birds are chirping, the flowers are blooming – and if you’re anything like us, the urge to clean and organize everything in sight is real. But while you’re at it, don’t forget the one thing that could actually change your life: your money. Financial spring cleaning starts with knowing where you stand. That means pulling together a net worth statement – a simple snapshot of what you own, versus what you owe. "It’s a great starting point because it can help you be more mindful of your spending, track your progress toward your goals, plan for big purchases, and so much more," writes Sara Gelsheimer. "Even if you’re in good standing, it’s important to have this view into your finances, especially over time." Consider it the financial equivalent of opening all the windows and letting in that fresh air.
🧼 Click here for your full financial spring cleaning checklist
Most Americans want to stay in their own homes as they age, but the planning to do so goes beyond finances. The New York Times spoke with people in their 60s, 70s and 80s and found that while aging-friendly upgrades matter, there’s something that came up over and over as being essential: community. "The most successful older adults were those who found community, discovered ways to reach out and stay engaged, and (this is essential) knew when to ask for and accept help," notes the NYT. "When it comes to maintaining a home, staying safe, and simply feeling less alone, it’s critical to have the support of others." That community can take many forms – neighbors, local groups, even roommates. But the bottom line? Aging well at home is as much about who’s around you as what’s in your bank account.
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Your Traditional Savings Account
Is Costing You
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April showers bring…a great excuse to open a high-yield savings account (HYSA). If you haven’t jumped on the HYSA bandwagon yet, here’s your sign: On top of paying standout APYs, the best HYSAs are sweetening the deal with generous sign-up bonuses – for example, one on our list is currently offering $400 for new customers.
This month, the best HYSAs are paying 4.00% APY or more – a massive leap from the near-zero rates you’ll find with traditional savings accounts.
To put it in perspective, say you deposited $10,000 into an account with a 4.00% APY. At the end of a year, you’d have earned $400 in interest. Meanwhile, the national average savings rate for traditional banks sits at around 0.60% APY, meaning that same $10,000 earns just $60. That’s a $340 difference you’re leaving on the table.
Spring is the perfect time to make your money grow. Why wait? Check out April’s best HYSAs here.
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Things That Save You Money
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Why Our Wellness Obsession Costs Us More Than Just Money
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Track your sleep. Count your macros. Biohack your way to 150. We live in a culture obsessed with longevity – but what if that entire framework is getting it wrong?
That’s the argument at the center of Dr. Ezekiel Emanuel’s new book, "Eat Your Ice Cream: Six Simple Rules for a Long, Healthy Life." The oncologist, bioethicist, and chair of the Department of Medical Ethics and Health Policy at the University of Pennsylvania made headlines a decade ago when he wrote that he hoped to die at 75 — not because he'd given up, but because he believes our fixation on longevity is distracting us from what actually makes life worth living.
On the HerMoney Podcast, Jean sat down with Dr. Emanuel to talk about the real cost of aging in America, why the wellness industry may be selling us false hope, and what women specifically need to know about planning for a longer life. His take on our wellness obsession? It’s costing us more than money.
"The world seems out of control, and wellness feels like a place where we can assert some kind of power," Dr. Emanuel shares. "Obsessing about, ‘Did I sleep well? How much did I walk yesterday? What am I eating? How much protein?’ makes you anxious, with probably not adding a second, much less a day, much less a month to your life."
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Ask Jean
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| Q: |
Today’s question comes from Judy. She writes: How do reverse mortgages work?
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A reverse mortgage can sound a little like magic. Turn your home equity into cash, without a monthly payment. For homeowners 62 and older, that’s essentially how it works. You keep the title to your home, but instead of paying the bank each month, the loan balance grows over time. It’s usually repaid when you sell, move out, or pass away. In the meantime, you’re still responsible for the basics: property taxes, homeowners' insurance and maintenance.
The most common version of a reverse mortgage is the federally insured Home Equity Conversion Mortgage (HECM), which lets you take your money as a lump sum, monthly income, or a line of credit you can tap as needed.
But (you knew there was a "but"), this isn’t free money. Reverse mortgages can come with hefty upfront costs, and they chip away at the equity you might otherwise pass on. They’ve also had their fair share of scammy operators over the years, so it pays to be cautious.
Bottom line? Reverse mortgages can be a useful tool in the right situation, but they aren’t always your best option. Do your homework (this is a great resource from the Consumer Financial Protection Bureau to dig deeper), explore alternatives, and make sure you’re asking the right questions before you dive in.
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Submit your questions to Jean here.
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